Tax Roundup, 3/14/16: Coupling week! And: remember your March 15 federal and state deadlines.

March 14th, 2016 by Joe Kristan

coupling20160213Coupling! We expect the Iowa General Assembly to pass the 2015 tax coupling bills this week, and the Governor is expected to sign. You can follow their progress at the General Assembly site. The extender bills have been renamed SF 2303 and HF 2433.

We will be following the developments and will post news as it happens.

 

March 15 looms. Tomorrow is the first real big deadline of the filing season. Corporate 1120 and 1120-S corporation returns are due.

If you can file on time, you should extend. The penalties for late filing without an extension can be painful, and you may miss the opportunity to make important elections that are only available on a timely-filed original return.

But it’s not just federal returns. While many states, like Iowa, have April due dates for corporations returns, 23 states  want the returns on March 15. Even if you are filing an S corporation return, where the corporation itself doesn’t file, many states require payment anyway — either as a misbegotten corporation tax, as in California, or as withholding on individual income taxes of non-resident shareholders.

Source: RIA Checkpoint.

Source: RIA Checkpoint.

Extensions can be tricky too. Many states either accept the federal extension or, like Iowa, automatically extend a return if the tax for the year is sufficiently paid by the original due date. But other states require a separate extension filing. States requiring a separate extension filing, even when no payment is due, include Arkansas, Connecticut, D.C., Florida, Massachusetts, Maryland, Michigan, Missouri, North Carolina, North Dakota, Nebraska, New Hampshire, New Jersey, New Mexico, New York, New York City, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Texas, Vermont and West Virginia.

It’s already late — don’t put off those extensions any longer.

 

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Gretchen Tegeler, Can taxpayers ever get a break? (IowaBiz.com). “Alas, even the best-intentioned measures can be twisted into an argument to compound the taxpayer burden.”

Kristine Tidgren, Iowa Utilities Board Has Approved Bakken Pipeline (AgDocket).

Kay Bell, Filing deadline for 2012 taxes — and almost $1 billion in unclaimed tax refunds — is April 18

Jason Dinesen, Glossary of Tax Terms: Pass-Through Entity, “In tax terminology, a pass-through entity is a business where the end results of operations ‘pass through’ to the owners and are reported on the owners’ personal tax returns.”

Jack Townsend, Tax Obstruction Conviction Permits Inclusion in Tax Loss of Penalties and Interest. “That issue was whether the conviction for obstructing the collection of tax could include penalties and interest within the scope of the financial harm Black intended to inflict on the IRS by his obstructive acts.”

TaxGrrrl, On Pi Day, A Peek At Your Piece Of The National Tax Pie. “You can see your personalized taxpayer receipt by the dollars from the White House by plugging in the tax you paid in 2014 here.”

Andrew Mitchel, Rev. Rul. 2016-8: Tax Aspects of the Cuban Thaw

Robert Wood, As U.S. Passports For Domestic Flights Loom, IRS Can Now Revoke Passports. What could go wrong?

Leslie Book, Using Craigslist to Fish For Bogus Dependents (Procedurally Taxing)

Jim Maule, The Russian Sugar and Fat Tax Proposal: Smarter, More Sensible, or Just A Need for More Revenue?. Come now. Putin is just concerned for the health of his beloved people.

 

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TaxProf, The IRS Scandal, Day 1038Day 1039Day 1040.

Howard Gleckman, The Challenges of Modeling Presidential Tax Plans (TaxVox) “How much do tax changes affect the economy, and, in turn, what do those economic effects mean for the revenue cost of a reworked tax code?”

 

Just what kind of CPA are you? Take this quiz from the AICPA and find out. You want to know!

 

 

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